Awg Tengah: Huge potential for mutually beneficial partnerships for S’wak, EU in investment and trade

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Awang Tengah delivers his welcoming remarks at the event. – Photo by Chimon Upon

KUCHING (Feb 14): Sarawak’s unique offerings and Europe’s diverse markets offer huge potential for mutually beneficial partnerships in investment and trade, said Deputy Premier Datuk Amar Awang Tengah Ali Hasan.

The Minister of International Trade, Industry and Investment said up to last year, there were about 19 EU investments in Sarawak – specifically from the Netherlands, Belgium and Germany – totalling RM10.66 billion in sectors such as electrical and electronics (E&E), basic metal and petroleum products.

He said there were numerous opportunities in the agriculture, tourism, oil and gas, forestry, high-value timber products, mining and downstream manufacturing sector.

“Sarawak is now focused on the development of new economic sectors such as hydrogen economy, digital economy, renewable energy, finance and talent development.

“These strategic shifts allow us to move from the conventional resource-based economy to a low carbon, green and circular economy,” he said in his welcoming remarks at the EU-Malaysia Business Day 2024 Networking Dinner Reception at a hotel here tonight.

Emphasising sustainability, Awang Tengah noted Sarawak’s commitment to environmental responsibility and alignment with global Environmental, Social and Governance (ESG) standards.

“Sarawak is contributing not only to its own sustainable development but also to a broader global effort towards creating a more equitable and environmentally conscious world while mitigating potential climate crisis,” he said.

Awang Tengah underscored Sarawak’s attractiveness to investors, citing the region’s political stability, business-friendly policies, and incentives, including competitive tariffs on water and electricity, generated from renewable energy sources.

The event also witnessed the official launch of InvestSarawak, a One-Stop Centre aimed at facilitating investment and trade.

Among those present were Deputy Premier Datuk Amar Dr Sim Kui Hian and EU Ambassador to Malaysia His Excellency Michalis Rokas.

Earlier today, a forum was organised in conjunction with Business Day, which drew over 300 participants including over 100 companies from the EU.